Rising costs have pushed many smaller intermediaries out of the booming Russian oil trade with India, leaving three major trading houses to dominate the market. Despite the challenges, Russian seaborne oil shipments to India have reached near-record highs, surpassing those to China, with India now accounting for over a third of its crude imports. This consolidation has enabled Russia to sell oil at smaller discounts, maintaining its competitive edge against U.S. and Middle Eastern grades.
